$LGND (Ligand Pharmaceuticals Incorporated)

$LGND entered into a global license agreement with Menlo Park, CA-based TeneoBio, Inc. Under the license, TeneoBio will be able to use the OmniFlic technology from the OmniAb platform to discover fully human bispecific antibodies to be developed for the treatment of various diseases.

$LGND appointed Nancy Ryan Gray to its BoD, effective Aug 21, 2017. Dr Gray currently serves as CEO of Gordon Research Conferences, a not-for-profit organization that arranges conferences in the biological, chemical, and physical sciences worldwide.

$LGND will receive
a $2MM payment from WuXi Biologics subsequent to their licensing of exclusive
rights to the anti-PD-1 antibody GLS-010 to Arcus Biosciences in North America,
Europe, Japan and certain other territories. $LGND is also entitled to future
milestones and royalties from this antibody.

$LGND's partner Melinta Therapeutics announced that the U.S. Food and Drug Administration (FDA) has approved the delafloxacin drug Baxdela, indicated in adults for the treatment of acute bacterial skin and skin structure infections (ABSSSI) caused by susceptible bacteria.

$LGND entered into a worldwide license agreement with Cambridge, Massachusetts-based Surface Oncology. Surface will be able to use the OmniRat, OmniMouse and OmniFlic platforms to discover fully human mono- and bispecific antibodies. Surface will be responsible for all costs related to the programs.

$LGND expects the additional revenue to be classified as contract revenue and royalty revenue to be slightly lower for the full year due to lower royalty rate on CorMatrix products beginning with 2H17. Additional upside in contract revenue guidance is lowered from $24MM to $14MM, on revenue from royalty rate buy-down and associated amortization.

$LGND said it will book an estimated $2MM of additional revenue in 2017, net of offsetting non-cash accounting expenses. Previous net revenue guidance for 2017 was at least $130MM, and $LGND now expects 2017 net revenue to increase to at least $132MM. This implies minimum adjusted EPS for 2017 of $2.90, up from prior estimate of at least $2.70.

$LGND said it will receive $10MM from a contractually specified royalty rate buy-down after the sale by CorMatrix Cardiovascular of rights to its commercial pericardial repair and CanGaroo Envelope extracellular matrix (ECM) products to Aziyo Biologics. In May 2016, $LGND acquired rights to royalties on these products from CorMatrix for $17.5MM.

$LGND entered
into a worldwide license agreement with xCella Biosciences, Inc., under which xCella
will be able to use the OmniRat, OmniMouse and OmniFlic platforms to discover
fully human mono- and bispecific antibodies. $LGND will receive annual platform
access payments, development and regulatory milestone payments and royalties.

$LGND expects 2017 core revenue of $130MM and adjusted EPS of about $2.70. This amount is expected to be higher in the event additional contract revenue is received in 2017. During 2017, the company estimates it could potentially receive up to an additional $24MM of contract payments.

$LGND expects 2017 revenues to consist of three components: royalties, material sales and contract (license and milestone) revenue. The company affirmed prior guidance of 2017 core revenue to include royalties of about $87MM, material sales of about $23MM and contract payments of at least $20MM.

$LGND reported a drop in 1Q17 earnings due to timing of Captisol purchases for use in clinical trials and commercial products as well as higher R&D expenses. Net income fell to $5.08MM or $0.22 per share from $6.61MM or $0.30 per share last year. Revenue declined to $29.27MM from $29.65MM. Adjusted EPS decreased to $0.57 from $0.63.

$LGND completed enrollment in Phase 2 clinical trial with its small-molecule glucagon receptor antagonist LGD-6972 for the treatment of type 2 diabetes mellitus (T2DM). The company expects to report topline results in September 2017. Glucagon is a hormone produced by the pancreas that stimulates the liver to produce glucose (sugar).

$LGND said it entered into a worldwide license agreement with ONO PHARMACEUTICAL CO., LTD. Under the license, ONO will be able to use the OmniRat, OmniMouse and OmniFlic platforms to discover fully human mono- and bispecific antibodies.

$LGND entered into global license and supply agreements with Novartis for the development and commercialization of a Captisol-enabled oral liquid formulation of trametinib. This is for the treatment of patients with unresectable or metastatic melanoma with BRAF V600 mutation.

$LGND's partner Melinta Therapeutics submitted new drug applications to the U.S. Food and Drug Administration (FDA) for approval of IV and oral Baxdela to treat patients with acute bacterial skin and skin structure infections. This is based on results of two phase 3 studies, in both of which Baxdela met the primary endpoint.

Biopharmaceutical company $LGND announced licensing rights of four programs to Seelos Therapeutics, a company focused on central nervous system (CNS) disorders. Under the terms of the agreement, $LGND will receive initial payments in equity or cash of $1.3MM upon Seelos completing a minimum of $7.5MM financing.

Under the agreement, $LGND is eligible to receive annual platform access payments, sublicensing fees, milestone payments and royalties for products incorporating an OmniFlic antibody. TeneoBio will be responsible for all costs related to the programs.

$LGND entered into a global license agreement with Menlo Park, CA-based TeneoBio, Inc. Under the license, TeneoBio will be able to use the OmniFlic technology from the OmniAb platform to discover fully human bispecific antibodies to be developed for the treatment of various diseases.